# Hard rules, preferences and exceptions

> How each part of a rubric works: stage, sector, geography, round size and required-fact rules, exceptions, weighted preferences and founder questions.

Source: https://delsivo.com/help/thesis-and-screening/hard-rules-preferences-and-exceptions · Updated 2026-11-07

## Key takeaways

- Hard rules are checked in code against the deal's facts. Each one is Met, Mismatch or Unknown, and a missing value is always Unknown, never a failure.
- Round size rules have their own currency, any currency you like. A round in another common currency is converted at reference rates and the result says so.
- An exception relaxes a stage, sector or geography rule when chosen words are found, and shows where it found them.
- Preferences are scored 0 to 10 by the AI model with slide citations. Weights turn those scores into a thesis fit from 0 to 100, computed in code.
- Every Unknown becomes a question for the founder, alongside the questions you add yourself.

A rubric has four parts. **Hard rules** and **exceptions** are checked in code, with no AI model involved. **Preferences** are scored by the AI model from the deck, with a citation for each score, and the arithmetic runs in code. **Questions** collect what to ask the founder. You edit all four on a rubric page in **Settings → Thesis and rubrics**. See [Build your thesis rubric](/help/thesis-and-screening/build-your-thesis-rubric) for drafts and publishing.

## Hard rules

Click **Add rule** and choose what to check:

| Check | Met when |
|---|---|
| **Stage is one of** | The deal's stage is one you picked: Pre-seed, Seed, Series A, Series B or Growth |
| **Sector is one of** | The sector is one you picked, such as B2B software, Fintech, Climate or Healthtech |
| **Geography is one of** | The company's geography (or, failing that, its headquarters) is one you picked |
| **Round size is between** | The round is within your minimum and maximum, in the currency you choose |
| **A field is stated** | The deal has a value for a fact you choose, such as Team, Revenue or Customers |

Each rule has a **Name**, the **Check**, its value, and an optional **Question when this is unknown**. Without your own question, a standard one is used, such as "How much is the company raising in this round, and in which currency?"

### Where the values come from

Rules read the deal's facts. When a fact has more than one value, the most trusted wins: a value your team set beats a founder correction, which beats what the deck says. The fit report names the source of each value: **Deck**, **Founder correction**, **Your team** or **Application form**.

### Stage, sector and geography

Pick the **Accepted values** as chips. Delsivo recognises common wording for each value, for example "pre seed" or "angel" for Pre-seed, and "SaaS" for B2B software. Cities count for their country and region, so a company in Pune counts as India and South Asia.

For sector and geography you can add **Other words that count**, separated by commas, such as "insurtech, payroll" or "Nairobi, Kenya".

- A value the rule recognises and accepts is **Met**.
- A value it recognises outside your list is **Mismatch**.
- A value it can't place, or no value at all, is **Unknown**, with a question.

### Round size and currency

Set a **Minimum**, a **Maximum** or both, and the **Currency**: any currency, with the most used ones first. Type to search by code or name. Leave one side empty for "at least" or "at most". Amounts show in short form under the box, such as USD 1M or INR 4.5 Cr.

If the round is stated in another currency, Delsivo converts it at approximate reference rates and says so, for example "INR 20 Cr (about USD 2.4M at reference rates) is within USD 1M to USD 4M." If the deck gives an amount but no currency, the rule is **Unknown** and asks which currency. Reference rates cover the common currencies (US dollar, Euro, British pound, Indian rupee, Singapore dollar, UAE dirham, Canadian dollar, Australian dollar, Swiss franc, Japanese yen, Hong Kong dollar and Chinese yuan). When the round and the rule are in different currencies and one of them has no reference rate, the rule is **Unknown** and says so; check it by hand. Because the rates are approximate, check rounds close to your limits by hand and override if needed.

### A field is stated

**Met** when the deal has a value for that fact. Otherwise it is **Unknown**, with a question. It is never a mismatch.

## Unknown is never a failure

A missing or unreadable value is **Unknown**, shown with a dashed outline and never in red. It doesn't count against the deal: it becomes a question for the founder and an item under **Diligence readiness**. A **Mismatch** is shown for review and is not part of the thesis fit score. Neither one moves the deal or rejects it.

## Exceptions

An exception lets a stage, sector or geography rule accept something extra when a condition is true, for example "Allow pre-seed when the team has a prior exit".

1. In **Exceptions**, click **Add exception**. You need a stage, sector or geography rule first.
2. Name it under **Exception**.
3. Choose the rule it **Relaxes**, and the values it should **Also accept**.
4. Under **Look in**, choose **Anywhere in the deck** or one fact, such as **The team fact**.
5. Enter the words to look for under **For any of these words**, separated by commas, such as "prior exit, acquired by, sold to".

When the rule would be a mismatch only because of a value the exception allows:

| What Delsivo finds | Result |
|---|---|
| One of the words, in the place you chose | **Met**, with **Exception applies** and the line and slide it was found on |
| None of the words | Stays **Mismatch**, marked **Exception may apply**, with a question to check it |

## Preferences

Preferences are what make a deal more attractive, such as early revenue traction or founder and market fit.

1. Click **Add preference**.
2. Name the **Preference**.
3. Under **What good looks like**, describe it specifically. The AI model reads this next to the deck.
4. Set the **Weight** from 0 to 10 with the slider.

Next to each weight you see its share of the fit, for example "8 of 10 · 28% of the fit". Weight 0 turns a preference off.

When a deal is screened, the model scores each preference from 0 to 10 with a short rationale and quotes from the slides. A quote that isn't on the slide it names is dropped. If nothing in the deck supports a score, the preference is **Not scored** instead of getting a low score.

The **thesis fit** is the weighted average of the scored preferences, from 0 to 100. Preferences that couldn't be scored are left out and the remaining weights are rescaled. With no preferences, there is no thesis fit score; hard rules still run.

## Questions

Questions are what you want to ask the founder. Add one with **Add question**, then choose **When**:

- **Always ask**: listed on every fit report.
- **When revenue is unknown** (or another fact): raised only when that fact is missing.

The fit report's **Questions for the founder** combines your questions with the ones raised by Unknown rules and possible exceptions. Repeated questions are listed once.

## Limits

A rubric can hold up to 30 hard rules, 20 preferences, 20 exceptions and 30 questions. To publish, it needs at least one hard rule or one preference with a weight above 0.

## Frequently asked questions

### Our deal says "Seed" but the rule shows Unknown. Why?
The rule found text it couldn't place, or the fact is missing. Open the rule on the **Fit** tab to see the value found. If you know the answer, override it with the right value and a reason. See [Override an assessment](/help/thesis-and-screening/overriding-an-assessment).

### Does a founder correction change the result?
Yes, on the next screening. Founder corrections win over the deck. Run the screening again from the **Fit** tab to use them.

### Can the AI model change a hard rule result?
No. Hard rules and exceptions are checked in code. The model only scores preferences.